Grátis
156 pág.
Denunciar
Pré-visualização | Página 6 de 30
ORFDO�±�³����3HUR�TXp�HV�HO�SURSLDPHQWH�HO�DXUD"�8QD�WUDPD�PX\�HVSHFLDO�GH�HVSDFLR�\� WLHPSR��OD�LUUHSHWLEOH�DSDULFLyQ�GH�XQD�OHMDQtD��SRU�FHUFD�TXH�SXHGD�HQFRQWUDUVH���´� �%(1-$0,1�������������RX�³����3HUR�TXp�HV�SURSLDPHQWH�HO�DXUD"�8QD�WUDPD�PX\� SDUWLFXODU�GH�HVSDFLR�\�WLHPSR��LUUHSHWLEOH�DSDULFLyQ�GH�XQD�OHJDQtD��SRU�FHUFD�TXH� pVWD�SXHGD�HVWDU���´��%(1-$0,1�������������VmR�WUDGXo}HV�GLIHUHQWHV�GD�GH¿QLomR�GD� QRomR�DXUDO�QR�PHVPR�LGLRPD�LPSUHJQDGR�GR�WH[WR�RULJLQDO� 9L�� VREUH� R� FHQWUR� GD� WRDOKD� GD�PHVD� UHGRQGD� GD� VDOD� GH� -$17$5�� XPD� IRUPD�TXH�YHLR�SDUD�D�GLPHQVmR�GR�PHX�LQWHUHVVH��FDGD�YH]�PDLV�QtWLGD�±�HUD�D�GH�XP� YDVR�FRP�ÀRUHV�±��¿FDQGR�R�HQWRUQR�QD�SDUWH�WXUYD�GD�YLVmR�ODWHUDO��'HQWUR�G¶iJXD�� RV� FDXOHV� SDUHFLDP� SHUQDV� FUX]DGDV��$V� IROKDV� HQFRVWDYDP�VH�� OHYHPHQWH�� 3DUHFLD� H[LVWLU� XP� WUHPRU�� VLOHQFLRVR�� QHVWD� FHQD� GH� TXDVH� UHSRXVR�� /HYDQWHL� GD� FDGHLUD�� WRPHL� GLVWkQFLD�� )L]� D�PtPLFD�� GRV� SpV� DR� FHQWUR� GD�PHVD� �TXDGULO�� RQGH� HVWDYD� R� YDVR� �FLQWXUD��H��FRQWRUQDQGR�R�DWp�D�ERFD�GH�RQGH�VDLDP�ÀRUHV� �FDEHORV���HUJXL�RV� EUDoRV��R�PHX�JHVWR�IRL�R�HTXLYDOHQWH�DR�GD�VLOKXHWD�GH�XPD�PXOKHU��,��*DUUDID�FRUWDGD� FLQFR� FHQWtPHWURV� GH� iJXD��9HUGHV� DV� IROKDV� HQFRVWDP� VHP� VH�PRYHU�� )OXWXDP� QR� DSDUHQWH�YD]LR�WUDQVSDUHQWH��0DUJDULGDV�UR[DV�DPDUHODV�H�PDLV�FODUDV��,,��6HGH�FRSR� G¶iJXD�HVWULDV�PDO�H�PDO��&DXOHV�SHQHWUDQGR�IXQGR�IROKDV�ÀXWXDQGR��0DUJDULGDV�VHP� VH�PRYHU�FRQWRUFLGDV��&HQWtPHWURV�GH�HVSDVPR��,,,��(V�LVW�KLHU�QLFKWV�DXI�GLHVHU�:HOW�� ZDV�JDQ]�PHLQ�6HKQHQ�VWLOOW� �QmR�Ki�QDGD�DTXL�QHVWH�PXQGR�TXH�VDFLH�LQWHLUDPHQWH� PHXV�DQVHLRV��'HVDEDIR�QR�UDVJR�GH�SDSHO�HQFRQWUDGR�VREUH�D�FDPD��7+20$=�������� �����(UD�LVVR�XPD�FRQWHQVmR�GD�DQJ~VWLD�±�WXGR�SUHVR�FRPR�QR�YDVR�FRP�ÀRUHV��'HSRLV� GH�UHODWDU�PLQKD�H[SHULrQFLD�HVWpWLFD��HOD�GLVVH�±�³D�VHQKRUD�WHP�PXLWD�LPDJLQDomR�´�� �� (�ULX�VHP�SDUDU��DQGDQGR�SHOD�FDVD�HQTXDQWR�HX�SHQVDYD�QXP�HVWXGR�GH�SHUVRQDJHP�� HP�HVWDGR�GH�LPRELOLGDGH�FRQVWUDQJLGD��'HSRLV�GHVWD��FRP�REMHWLYLGDGH��SDUD�FDGD� YLVLWD�TXH�HX� ID]LD��HOD�SDVVRX�D�FRPSRU�XP�YDVR�GLIHUHQWH�FRP�HVSpFLHV�GH�FRUHV� FRQWUDVWDQWHV�� ULFDPHQWH� PDWL]DGDV�� VRXEH� TXH� FRPSUDYD� DV� ÀRUHV� GD� HVWDomR�� RX� MXQWDYD�DV�QDV�FDOoDGDV�SUy[LPDV�GDV�ÀRULFXOWXUDV�GR�&HPLWpULR�0XQLFLSDO��5HXQLD� DTXHODV� PHWDPRUIRVHDGDV� SHOR� DSRGUHFLPHQWR�� PRQWDYD� DUUDQMRV� H� ¿[DYD�RV� QD� GHFRUDomR��jV�YH]HV��WUD]LD�XPD�URVD�PDFKXFDGD�SHOD�WHPSHUDWXUD�GD�JHODGHLUD��PDV� FRP� R� SURSyVLWR� GH� FRQVHUYi�OD� SDUD� RIHUHQGDU� VHP� OX[R�� QD� GHVSHGLGD���� DWp� TXH� GHFLGLX�HVSDoDU�DV�GHPRQVWUDo}HV�H�D�HVFRQGHU�D�KDELOLGDGH�ÀRUDO� /DV�ÀRUHV��HQ�ORV�MDUGLQHV��VREUH�ODV�PHVDV���VRQ�DOJR�HYLGHQWH��$KRUD�ELHQ��FXDQGR�DOJR� HV�³HYLGHQWH´��HV�QHFHVDULR� LQGDJDU�±�\�HV�HQWRQFHV�FXDQGR�XQR�VH�GD�FXHQWD�GH�TXH�OR� ³HYLGHQWH´�HVWi�KHFKR�GH�PXFKDV�SUHJXQWDV�VLQ� UHVSXHVWDV��/D�SUHJXQWD�DTXt�VHUtD��SRU� TXp�ÀRUHV"��%$57+(6������������� � 8P�GLD��HOD�FRPSURX�XPD�PiTXLQD�H�FRPHoRX�D�IRWRJUDIDU��$SURYHLWDQGR� D� UDSLGH]� GH� XP� HTXLSDPHQWR�� UHYHODo}HV� IRUDP� FRORFDGDV� HP� FLPD� GDV� IROKDV� GH� SDSHO� GH� VHGD� HVSDOKDGDV� VREUH� R� UHGXWR� GD�PHVD� RQGH� HX� LQYHVWLJDYD� IRUPDV� FRPSOH[DV�H�LQHVJRWiYHLV�FRPR�DV�ÀRUHV��VHP�FRJLWDU�GH�XPD�DPSOLDomR�H[FHWR�SHOR� XVR�GH�OXSD��PLFURVFySLR�VLPSOHV��~WLO�SDUD�FDSWXUDU�GHWDOKHV�QmR�YLVWRV�D�ROKR�QX��$� SUR[LPLGDGH�GHVWDFDYD�R�FRQWH~GR�DSDUHQWH�QD�OHQWH��GHL[DQGR�HP�VHJXQGR�SODQR�R� RUJDQLVPR��(QTXDQWR� OHLWRUD�HVSHFWDGRUD��QmR�FRQVHJXL�SHQVDU�QD�SRVVLELOLGDGH�GH� FRQYHUWHU�PH�QXP�LQVHWR�YRDGRU�D�SRVDU�VREUH�WDORV�FRQIRUPH�LPDJLQDYD�%HQMDPLQ�� HP�������GLDQWH�GDV�)RUPDV�SULPRUGLDLV�GH�DUWH��LPDJHQV�IRWRJUi¿FDV�GH�SODQWDV�� GH�.DUO�%ORVVIHOGW��������������0DV�UHVHUYHL�R�HQFDQWDGRU�SUHVVXSRVWR�j�HVSHUD�GD� FRQWDPLQDomR�UHWRUFLGD�QD�FLUFXODomR�GRV�DFRQWHFLPHQWRV�LQGHWHUPLQDGRV� 'H� FDGD� FiOL]� \� GH� FDGD� KRMD� VDOHQ� D� QXHVWUR� HQFXHQWUR� LPiJHQHV� D� LPSXOVR� GH� XQD� QHFHVLGDG�LQWHUQD�TXH��HQ�FXDQWR�PHWDPRUIRVLV��WLHQH�OD�~OWLPD�SDODEUD�HQ�WRGDV�ODV�IDVHV� �� \�HVWDGLRV�GH�OR�JHQHUDGR��/R�TXDO�QRV�OOHYD�DO�WHUUHQR�GH�XQD�GH�ODV�IRUPDV�PiV�SURIXQGDV� H�LQVRQGDEOHV�GH�OD�FUHDWLYLGDG��OD�YDULDQWH��TXH�VLHPSUH�DQWHV�TXH�QDGD�KD�VLGR�OD�IRUPD�GHO� JHQLR��GHO�DFHUYR�FUHDWLYR�\�GH�OD�QDWXUDOH]D��/D�YDULDQWH�FRQVWLWX\H�OD�IUXFWtIHUD�RSRVLFLyQ�� GLDOpFWLFD�D�OD�LQYHQFLyQ��OD�QDWXUDOH]D�HQ�OR�YLHMR�QRQ�IDFLW�VDOWXV��0RYLGRV�SRU�XQD�DXGD]� VXSRVLFLyQ��QRV�JXVWDUtD�GHQRPLQDUOD�HO�SULQFLSLR�PLVPR�IHPHQLQR�\�YHJHWDO�GH�OD�YLGD��/D� YDULDQWH�HVWi�KHFKD�GH�FHGHU�\�DVHQWLU��GH�ÀH[LELOLGDG�\�GH�DTXHOOR�TXH�QR�WLHQH�¿Q��OD�DVWXFLD� \�OD�RPQLSUHVHQFLD���%(1-$0,1��������������� 2�SDVVDPHQWR�GH�XPD�SHVVRD�QR�GRPtQLR�GRV�6WHQ]HO�SURYRFRX�LQGDJDo}HV� VREUH�D�RULJHP�H�R�GHVHQYROYLPHQWR�GR�UHWUDWR�PRUWXiULR��DOpP�GH�SHUSOH[LGDGH�� DV�IORUHV�VHUYHP�FRPR�RUQDPHQWR�QD�YLGD�H�QD�PRUWH��FRPR�PHWRQtPLD��WURSR��GDV� HVWDo}HV��VLJQLILFDGR�GD�SDVVDJHP�GR�WHPSR�� �&RQWXGR�� FRP�D� LQGXVWULDOL]DomR�GR� UHWUDWR� IRWRJUi¿FR�RFRUULGD�QRV�DQRV������� VXUJLX�D� SURGXomR�HP�PDVVD�GH�IRWRJUD¿DV�GH�SHVVRDV�HP�VHX�OHLWR�GH�PRUWH��2�UHWUDWR�PRUWXiULR� p�XP�IHQ{PHQR�PHQFLRQDGR�QD�PDLRULD�GDV�KLVWyULDV�GD�IRWRJUD¿D��PDV�HODV�QmR�VH�GHWrP� QR�DVVXQWR��6XEVLVWLUDP�SRXTXtVVLPRV�GHVWHV�GHVFRQFHUWDQWHV�REMHWRV�GH�FXULRVLGDGH�QRV� GLDV�GH�KRMH��HP�FRPSDUDomR�FRP�D�YDVWD�SURGXomR�GD�pSRFD��$�HQFRPHQGD�GH�IRWRJUD¿D� PRUWXiULD�HUD�QR�HQWDQWR�XPD�GDV�SULQFLSDLV�DWLYLGDGHV�GR�IRWyJUDIR�FRPHUFLDO�GR�VpFXOR� ;,;��1RVVD�LQFDSDFLGDGH�DWXDO�SDUD�FRQVLGHUDU�HVWH�IHQ{PHQR�FRP�RXWUD�SRVWXUD�VHQmR�D� GH�MXOJi�OR�PDFDEUR�SURYD�DWp�TXH�SRQWR�HVWDPRV�DOKHLRV�D�XPD�SDUWH�FUXFLDO�GD�KLVWyULD�GD� IRWRJUD¿D��SUHFLVDPHQWH�D�TXH�1DGDU�SUHWHQGLD�HYRFDU�FRP�VXDV� OHPEUDQoDV���.5$866�� ����������� ,QFRUSRUHL�DV�LQWHUIHUrQFLDV�SHUWXUEDGRUDV�QR�ULWPR�GD�SHVTXLVD��DV�TXDLV� HVWDYDP� UHODFLRQDGDV� jV� FLUFXQVWkQFLDV�� $� PRYLPHQWDomR� GRV� REMHWRV� GH� XVR� FRWLGLDQR�SHORV�KDELWDQWHV�GR�VtWLR�IRL�LQWHQVLILFDGD�SRU�GHVORFDPHQWRV�VXFHVVLYRV� GR�PRQWDQWH�DFXPXODGR�QD�FDVD�H�QD�2ILFLQD�GD�7UDYHVVD�*HQ��)UDQFLVFR�GH�/LPD� H�6LOYD������SDUD�D�FDVD�GD�5XD�'U��7UDMDQR�5HLV�������PLVWXUDQGR�VH�DEUXSWDPHQWH� �� HP�FLPD�GRV�PyYHLV�GD�%,%/,27(&$�H�GD�VDOD�GH�-$17$5��VREUH�R�3$7$0$5�H� GHJUDXV� GD�(6&$'$� DWp� R�6Ï72� ELIXUFDGR� H� R�'(3Ï6,72�� ,QVLQXRX�VH� XPD� UXSWXUD� LUUHYHUVtYHO� FRP� WHQGrQFLD� j� DFHOHUDomR� TXH� QmR� HVWDYD� YROWDGD� SDUD� D� SHUVSHFWLYD�GH�FRQFOXLU�RX�DEDQGRQDU�D�SHVTXLVD��DR�FRQWUiULR��1mR�KDYLD�WHPSR� D�SHUGHU��4XDLV�HUDP�DV�PLQKDV�SHUJXQWDV�GLDQWH�GR�H[FHVVR"�2�TXH�ID]HU"�2�TXH� ID]HU�SULPHLUR"�2�TXH�ID]HU�HP�VHJXLGD"�2�TXH�ID]HU�SDUD�HYLWDU�R�GHVSHUGtFLR"� &RPR�ID]HU"�)D]HU�� ID]HU�� ID]HU�j�H[DXVWmR�DWp�R�PRPHQWR�GHFLVLYR��R�H[DWR�GR� DWR�SHUIRUPiWLFR� &RQWLQXHL� D� REVHUYDU� H� D� LQYHVWLJDU� DV� WUDQVIRUPDo}HV�� PDQWHQGR� XPD� GLVWkQFLD� FUtWLFD�� D� UHVVLJQLILFDomR� GDV� FRPSRVLo}HV� JUiILFDV� PRWLYDGDV� SHOD� PRYLPHQWDomR� GH� REMHWRV� GR� XVR� FRWLGLDQR� TXH� QmR� IRUDP� SUHWHULGDV�� FRQWLQXDUDP� HQTXDQWR� VH� FRJLWDYD� HVWDEHOHFHU� XPD� HOLSVH� XUEDQD�� TXDO� VHMD� D� GR� GHVPRQWH� GD� FDVD� GH�PDGHLUD�� WiEXD�PDWD�MXQWD�� GD�7UDYHVVD� QR� WHUUHQR� GH� RULJHP�SDUD� VHU�PRQWDGD�HP�RXWUR��(P�SDXWD�� HVWDYD� VHQGR�FRORFDGR�R�GHVWLQR� GH�XP�SURMHWR�SDUDOHOR�H�HP�DQGDPHQWR�FXMR�REMHWR�ID]LD�SDUWH�GH�XP�HVSyOLR�GH� JUDQGHV�SURSRUo}HV��R�TXDO�FRPHoDYD�D�FUHVFHU��$��H[SHULrQFLD��HOD�VH�PRVWUDYD� j�GLVSRVLomR�SDUD�LQWHUIHUrQFLDV�SRpWLFDV�H�YLVXDLV��0RVWURX�VH�FRQVHTHQWH�H�GD� PDLRU�UHOHYkQFLD�SHUPDQHFHU�QR�GRPtQLR�SDUD�R�DPDGXUHFLPHQWR�GR�3URMHWR�8PD� FDVD� HP� GHVPDQFKR�� LQWHU�UHODFLRQDU� FRP� RXWUDV� iUHDV� FRPR� D� DUTXLWHWXUD� H� R� SDWULP{QLR�KLVWyULFR�H�FXOWXUDO��PHLR�DPELHQWH��QR�PHVPR�FHQWUR�XUEDQR�� $V�SULPHLUDV�OLVWDV�IRUDP�RUJDQL]DGDV�H�R�'LiULR�GH�SHVTXLVD�FRPHoRX� D�VHU�GLJLWDOL]DGR�HP�������$SDJDU�ILFRX�EDQDO��3RU�LVVR��SDVVHL�D�DUPD]HQDU�RV� ORXYiYHLV�HVFULWRV�FRPR�MyLDV�GD�LUUHJXODULGDGH�SDUD�D�FRPSRVLomR�GH�XP�OLYUR�� ³����R�TXH�p�D�SRVVH�VHQmR�XPD�GHVRUGHP�QD�TXDO�R�KiELWR�VH�DFRPRGRX�GH�